Getting a mortgage in Nigeria is not as herculean as most people perceive. It just requires you to plan well ahead so as to avoid being stuck in the process.
In my previous article, I suggested an idea about paying up mortgage by renting the mortgaged property out. In the same article, I also pointed out 3 trivial reasons people don’t buy the idea which are as follows:
- Having to find renters all the time
- Managing the property takes time and is a hassle at times (making repairs, etc.)
- Simple in-action. Most people “know” how to make money, but very few take the steps to do it.
I went further to list 6 steps to adopt such idea successfully, but not in details. Hence, I am now highlighting these steps in details as further clarification.
- Decide on the property you wish to buy
- Get the best mortgage service
- Get qualified for a mortgage
- Find a tenant for the property on ToLet.com.ng
- Find a property manager as well
- Pay up your mortgage in no time
Decide on which Property you prefer
With some mortgage packages you have no choice to make in terms of the type of property you want to buy especially government mortgages as in the Lagos State Rent-to-Own Scheme for low income earners. However, when dealing with private mortgage institutions, you would need to first decide what type of house you want to buy.
In choosing the right apartment, you should ensure its price tag is something you can afford considering your present and forecasted level of income. Also don’t forget to use online real estate sites to find suitable properties for sale.
Get the Best Mortgage Service
To get the best mortgage service in Nigeria, you would have to read the profiles of the different mortgage institutions and what people have to say about them. You should find my post titled ‘5 Top Mortgage Institutions in Nigeria’ useful.
Get qualified for a mortgage
After making a choice of what mortgage institution to employ, you should go further to find the requirements and make yourself fit for a mortgage. Generally, mortgage institutions require you to have a regular source of income and an authentic form of identity.
Find a tenant for the property
This is like the simplest of all the steps. You need a tenant to occupy the mortgaged property who will be willing to pay a rental fee that can help you meet up with your mortgage obligation. To find a tenant for your property, simply click here and list your property to get a tenant in no time.
Find a property manager
This is another simple step. A property manager would help you take care of all the management issues in relation to the tenant and the property. You need such managers so that once you pay up the mortgage to the lending bank, you would have your apartment still in right condition. To find a property manager in Nigeria, click here.
Pay up your mortgage in no time
Yes, it’s that simple!